Leading shoemaker Bata India Ltd on Wednesday reported a 3.02% decline in consolidated net profit to Rs 63.64 crore for the fourth quarter ended March 2024. It had posted a net profit of Rs 65.62 crore in the January-March period a year ago, according to a regulatory filing from Bata India.
Bata India's revenue from operations was up 2.47% to Rs 797.87 crore during the quarter under review. It was at Rs 778.58 crore in the corresponding period a year ago.
Total expenses of Bata India in the March quarter were at Rs 736.83 crore, up 5.22%.
“The results for the quarter are a factor of resilience despite sluggish demand conditions to drive growth in a sustainable manner with strong margin performance,” said an earning statement from Bata India.
Bata's total income in the March quarter was at Rs 736.83 crore, up 5.22%.
Commenting on performance, MD and CEO Gunjan Shah said: "Bata India navigated well through the unforeseen sluggishness in the market driving towards sustainable growth led by brands backed by significant investments in marketing and technology. Our strategies helped us defending margins.”
For the financial year ended on March 31, 2024, Bata India's consolidated net profit was down 18.7% to Rs 262.51 crore against Rs 323 crore a year ago. Its revenue from operation in FY24 was up marginally at Rs 3,478.61 crore as against Rs 3,451.56 crore a year ago.
According to Bata, with a “positive outlook and to accelerate growth”, significant investments in the brand and technology are continued.
Meanwhile, in a separate filing, Bata India informed its board in a meeting held on Wednesday recommended 240% dividend, which is Rs 12 per equity share of Rs. 5 each, for the financial year ended March 31, 2024.
Shares of Bata India Ltd on Wednesday settled at Rs 1,373.50 on BSE, up 1.23%.
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